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(From Reinsurance)
The US insurance market is starting to look at the possible ramifications of the discovery of the first case of bovine spongiform encephalopathy (BSE) in the US state of Washington.
Although the economic costs could run into billions of dollars as countries like Japan ban imports of American beef, the insurance costs are more difficult to estimate. According to the New York-based Insurance Information Institute (III), there are a number of areas of possible concern.
Most cattle in the US are not insured, or have a low value. However, the III points out that some animals, like prize stud bulls, are insured for large amounts that run into tens or even hundreds of ...